Galaxy Minerals Posts the Yellow Jacket Gold Mine Independent Resource Figures.LAKE VILLA, Ill. & SANTA CRUZ COUNTY Santa Cruz County is the name of two counties in the United States:
PGS Petroleum Geo-Services PGS Planning Gain Supplement (UK land tax) PGS Parallel Giant Slalom (skiing and snowboarding competitions) PGS Plant Genetic Systems (Belgium) ) today provided this estimate of the Measured, Indicated, and Inferred Resources of Gold calculated for the Yellow Jacket Mine Property in Santa Cruz County, Arizona Santa Cruz County is located in the south of the U.S. state of Arizona. As of 2000 its population was 38,381. The county seat is Nogales. Santa Cruz County contains Tumacácori National Historical Park. , operated by Galaxy Minerals (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :GAXY). This estimate of gold resources is based on the following: --Surface and underground field investigations of the property --Assay results from PGS field Investigations --Review of the geology and assay results from 2004 core drilling --Evaluation of historic reports describing the mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. existing at the property
YELLOW JACKET MINE RESOURCES
Tons Grade Resources (ounces)
Resource Type (short tons) (oz/ton)
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Measured 740,000 0.37 274,000
Indicated 560,000 0.25 140,000
Inferred 4 Million 0.09 360,000
Total Resources 5.3 Million 0.15 774,000
The above gold resource classifications are in accordance with the Council of Mining and Metallurgical Institutions (CMMI See CMM. ) as presented in the Mining Standards Task Force Final Report "Setting New Standards" published by the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. . The mineral resource classifications are also in accordance with the guidelines established by the Society for Mining, Metallurgy and Exploration (SME (1) (Small and Medium-sized Enterprise) See SMB. (2) (Subject Matter Expert) An individual who is well-versed in the policies and procedures of a particular department or division. ) and the United State Geological Survey (USGS USGS United States Geological Survey (US Department of the Interior) ). Classification of economic reserves (proven, probable, and possible) is dependent upon subsequent feasibility studies, metallurgical testing, and preparation of a mining plan. The company is currently waiting for results from KD Engineering in Tucson relating to the chemical breakdown of Yellow Jacket Ore and the most economical process to proceed with production. The above estimate of gold resources does not include potential mine resources owned by Galaxy Minerals at the Phoenix Mine, which is contiguous with the Yellow Jacket Mine. Historic professional evaluations of the Phoenix Mine suggest a significant potential for high-grade gold mineralization similar to that identified within the Yellow Jacket Mine. The Arizona Department of Mineral Resources Field Engineers Report from 1959 states the Phoenix vein was reported to have average calculated gold grades of approximately 0.47 ounces per ton. PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. conducted only a partial evaluation of the Phoenix Mine due to unstable collapsing conditions within the mine. The estimate of "Inferred resources" is in part based on recent geologic field evaluations and geochemical assay results obtained by PGS for areas southeast of the Galaxy claims along strike of the Yellow Jacket vein. An average gold grade of 0.59 ounces per ton was obtained from samples collected from mine dumps about 2000 feet from the claim block and the orientation of the gold-bearing Yellow Jacket quartz vein. A continuance of the Yellow Jacket vein within the claim block will significantly increase the mineable total gold resources owned by Galaxy Minerals. This estimate of the gold resources at the Yellow Jacket mine is contingent upon the accuracy of the Information available, obtained, and reviewed by PCS. Additional investigations, laboratory testing, economic feasibility studies, and mine development activities may result in revisions to the above estimates of gold resources at the Yellow Jacket Mine property. About PGS: Senior Geologist Craig L. Parkinson of Parkinson Geologic Services (Parkinsongeologic.com), who has more than 25 years experience, is a Licensed Registered & Practicing Geologist in 12 States (AZ-REG#30843 / AIPG AIPG American Institute of Professional Geologists #10098, & A Professional Independent Qualified Person as defined by National Instrument 43-101) About KD Engineering: K D Engineering Co., Inc. (kdengco.com) provides engineering design services for metallurgical, industrial and commercial facilities. Over the past 18 years K D Engineering projects have ranged from complete Mineral Processing Plants in remote locations in Asia, South America and Mexico to local state-of-the-art industrial and commercial facilities. K D Engineering staff provides in-depth experience gained from engineering design and consulting services, procurement, construction management, plant operations, and process engineering design. About Galaxy Minerals: (www.galaxyminerals.com) Galaxy Minerals, Inc. is incorporated in the State of Florida and trades on the OTCBB under the symbol GAXY.OB. Its main focus is that of Mining & Mining Exploration. Included in Galaxy Mineral's portfolio in various forms of JV and interest earning ventures are: PERU Peru, country, South America Peru (pər  `), Span. Perú (pār The Culebrillas Gold Mine situated in the Pataz Gold Belt of Northern Peru has a potential Inferred Mineral Resource in excess of 3,000,000 ounces Gold, based upon independent historical data calculations, extensive sampling, previous drilling programs, and actual pilot plant production for the past 10 years. Galaxy has acquired certain mineral rights in Peru, to develop the Culebrillas mine. ARIZONA OATMAN GOLD & LEXINGTON PATENTED GOLD PROJECTS Galaxy Minerals Inc. has a 75% interest in 7 patented and 76 unpatented mining claims in and around Oatman Arizona. YELLOW JACKET GOLD MINE & PHOENIX GOLD PROJECT Galaxy currently holds a 51% interest in the patented Yellow Jacket Gold Mine in Southern Arizona and the adjoining Patented Phoenix Gold project. The company recently completed a Stock Equity swap Equity swap A swap in which the cash flows exchanged are based on the total return on some stock market index and an interest rate (either a fixed rate or floating rate). Related: Interest rate swap. within the United Kingdom relating to 36,000,000 common shares of the company to which reg. 144 restrictions apply. The Company's headquarters are located in Chicago. Galaxy Minerals, Inc. 500 Park Ave. Suite 203 Lake Villa IL 60046 847-265-7600 -- Phone 847-265-0995 -- Fax Lines Email: Info@Galaxyminerals.com SAFE HARBOR Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. : Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties beyond the Company's control, including but not limited to economic, competitive and other factors affecting the Company's operations, markets and expansion strategies, the remittance of payments by third party payers, adequate collection of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , available financing, market prices and recovery costs, government regulations involving the Company, facts and events not known at the time of this release, and other factors discussed in the Company's filings with the Securities and Exchange Commission. |
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